Financial tenants drive leasing success on 6th ave.

One of the best indicators that financial services tenants have regained their stature as the most prominent industry in the Midtown office leasing market, is recent activity at 1370 Avenue of the Americas.

The 35-story office tower at the southeast corner of Avenue of the Americas and 56th Street has leased more than 79,000 square feet to 11 financial-related firms, according to Cushman & Wakefield, the exclusive leasing agent for the property.

The building has attracted more than 116,500-square-feet of leases since Jan. 2004, with approximately 68 percent of the space being leased by financial firms.

In that time, the building's occupancy has risen to more than 91 percent from about 70 percent.

Cushman & Wakefield's Paul Amrich, senior director, and Matthew O'Connor, associate, exclusively represent the building's ownership, a partnership of Normandy Realty and The Landis Group, in marketing the building.

According to Mr. Amrich, 1370 Avenue of the Americas has benefited from a big increase in leasing activity among tenants in the financial services industry, which have demonstrated a preference for high-end Midtown locations.

During the first three quarters of 2004, financial services firms accounted for 26 percent of all leasing in Midtown, surpassing law firms in activity for the first time in two years. By contrast, law firms have accounted for 19 percent of leasing activity. At 1370, recent transactions have included a 10,500-sf renewal for Equity Now, a 4,500-sf expansion for Pharo Management, a 7,700-sf lease for Ursus Capital, a 3,900-sf expansion for AXA, a 5,500-sf lease for Petra Holdings, a 13,300-sf lease for U.S. Realty Advisors, a 10,300-sf lease for Fiducial Inc., a 2,700-sf lease for Dachs Realty, a 3,300-sf lease for Colonial Fund, a 10,300-sf renewal and expansion for Gagnon Securities and a 7,000-sf lease for Millbrook Capital. "There's no doubt that activity has picked up in the market overall within the last six months with the majority of leasing coming from high-end, specialized financial services tenants," Mr. Amrich said. "The building has been able to attract these tenants because of unique attributes such as full-floor identity on boutique floor plates, and magnificent views of Central Park from more than half the building."

Designed by Emery Roth & Sons and completed in 1971, 1370 Avenue of the Americas is a 35-story office tower totaling approximately 340,000 s/f.

In addition to its many prominent financial services tenants, other notable tenants in the building include Steve Madden, American Standard, Absolut and New York Transit.